CHESSNOID

We have had record number of foreclosures this past year.  Now it looks like we are breaking new records in another report.  According to CNN.Money:

“It’s impossible to find any ray of light here,” said ADP spokesman Joel Prakken in a conference call with reporters. “All of the major industries that we record had declines in employment.”

The goods-producing sector lost 158,000 jobs last month, its 24th consecutive month of decline, according to the report. This includes 118,000 positions in manufacturing and 44,000 construction jobs.

The service industry shed 92,000 jobs, its second month of losses since the ADP reports began tracking employment in 2002.

Medium-sized businesses, with between 50 and 499 workers, were the hardest-hit part of the economy, hemorrhaging 130,000 jobs last month. Large businesses, with at least 500 workers, lost 41,000 jobs. Small businesses, with less than 50 workers, lost 79,000 positions.

Prakken said he expected to see “a string of very weak employment reports” going forward. He added that “declines in employment between 300,000 and 500,000 in the coming months would not surprise me.”

The ADP also revised its reading for October, to a loss of 179,000 jobs from the previously reported loss of 157,000

This is the worse time of the year to lose a job. I remember 4 years ago when the company I worked for started to downsize. We had to layoff half our staff in the month of November. We did it based on seniority with the company, so all the more recent hired employees were let go.

I did feel bad for them and it may have been even worse for those of us who continued on. For the next 6 months, the remaining employees waited to see if things were going to get better or if our office would shut down completely. I started to miss work on a regular basis to go to job interviews and try to secure a new position.

Eventually, I left for another opportunity a few months later before the doors were permanently shut.  A former coworker told me he came to work that last day and the doors were just locked and the lights turned off.  Apparently, the company had stopped paying its lease and were just locked out.  Theys  weren’t sure when they would get their final check and would have to wait for it in the mail.

I was with that company just over 2 years. I was actually recruited to run the floor of that company because a key person was fired. It was actually a hard decision to make because I had already been at the previous company for 7 years. Of course, I regretted making that decision but only in the last 6 months. It completely sucked, but still a learning experience. The company I originally left is still around today and hopefully they will continue to be when this recession is over.